9 Financial Mistakes I've Made (That You Shouldn't)

As I approach 40 (I’m 38) I’ve been reflecting over my life lately and all the mistakes I’ve made. Of note, are the many financial errors I have accumulated throughout the years which have certainly impacted my net worth. So, I’ve decided to share some of these blunders along with a brief description of what I should have done.

Cashing Out My Retirement Fund - I’ve actually done this several times throughout my 20’s as I was broke and needed the money.
Never touch your retirement fund! If you’re broke, work harder or lower expenses

Not Saying No - I used to be a people pleaser in my early years. The problem is people try to take advantage of you by ‘borrowing’ money or getting you to pay for everything.
The irony is, once you say NO, people will respect you more. Familiarity breeds contempt.

Being House Poor - Bought a condo at a young age and totally overextended myself. The result was I had no social life and couldn’t travel for a number of years. Not fun!
When you buy, make sure the mortgage payment, taxes and other fees is roughly equivalent to rent

Not Asking for What I Want - Could never figure out why I wasn’t making more money … because I didn’t ask for what I thought I deserved!
If you don’t speak up, your employer won’t know that you want a raise. If they won’t pay you, then find another position somewhere else

Not Dumping the Losers - In the past, I’ve kept my money invested in lousy stocks when I should have gotten rid of them.
Get rid of bad investments – this frees up money to invest in potential winners

Co-signing a Loan - In a moment of weakness, I co-signed a vehicle loan for a family member. While I don’t think I’ll be ripped off, I feel I have this albatross around my neck.
Do NOT cosign for anyone, especially family members. If they can’t qualify for the loan, there’s probably a good reason. You’re not doing them any favours

Losing Track of My Finances - I think we’ve all been guilty of this. Usually, I’m fairly diligent but I stopped tracking my money and I ended up blowing a fortune on going out.
Always keep proper track; leave the credit card at home or just use cash

Blaming Others - I used to blame others or my upbringing for being poor and broke.
Realize that there is only one person responsible for your money – you. The sad fact is some people have it easier in life – if you’re poor, it just means you’ll have to work harder, but then the feeling of satisfaction once you make it will be much higher. Life isn’t fair.

Selling My Condo - I did not hold out for the price I wanted – I wasn’t in a hurry to sell – and ended up selling for much less than I wanted. Six months later, the market went crazy.
If you’re not in a hurry, tell the agent to bugger off, or simply get a new agent. There are lots of them

Of course, this is just a partial list - thankfully, I’m still young and should be able to recover from most of these.

The beauty is, mistakes can actually be a valuable tool to help us learn and do better in the long run.